Friday, Apr 29, 2005
Friday, Apr 29, 2005 |
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Special Correspondent
CHENNAI: The Reserve Bank of India will come out with guidelines on mergers and amalgamations between private sector banks and non-banking finance companies (NBFCs). The guidelines will cover process of merger proposal, determination of swap ratios, disclosures, norms for buying/selling of shares by promoters before and during the process of merger and the board's involvement in the merger process. The Annual Policy for 2005-06 released by the RBI Governor said the principles underlying these guidelines would be applicable as appropriate to public sector banks, subject to relevant legislation. The RBI also said that it would examine the issue of smooth flow of bank finance to NBFCs. Appreciating the critical role played by NBFCs in credit delivery, the apex bank said the emphasis would be on developing them into a financially strong sector with improved skills and technology.
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